Colliers. Impact of Coronavirus on the hotel sector
The effects of the coronavirus have led to a hotel crisis never before seen on this scale. During the financial crisis that started in 2008, there was a significant slump in the hotel industry, but occupancy rates never got to the lows that are being experienced right now. That did happen in China after the SARS outbreak in 2003, but the rates bounced back to their old levels within just six months, even in the most affected cities. In the report six hotel experts have their say about their expectations around the consequences, opportunities and recovery of hotel industry, also highlighing three different scenarios based on time nedeed to the easing of travel restriction.